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Israel Gets Its First Bitcoin ATM
Gwen Ackerman
bloomberg.com
Yaniv Moyal pulled out a wad of shekels last week and fed the bills, one by one, into Israel's first bitcoin cash machine. Moyal, a lawyer and advocate for the virtual currency, converted just over 2,000 shekels ($578) into about one bitcoin stored in his online wallet.
Bitcoin ATMs are popping up incities all over the world as a novelty for tech geeks, but it could turn out to be more than a gimmick in Israel. The country has a community of bitcoin enthusiasts that's about 10,000 strong, comprising the world's second-largest meet-up group for the virtual currency, according to Meni Rosenfeld, chairman of Israeli Bitcoin Association. Not bad for a country with a population about a 40th the size of the U.S.
"Bitcoin is experiencing massive growth in Israel," said Nimrod Gruber, the chief executive officer at Bitbox, which operates the cash machine made by Robocoin.
While many other countries are moving to regulate bitcoin, Israel hasn't yet set a cohesive policy. The Israel Tax Authority has deemed bitcoin to be a taxable financal asset, and the central bank has warned the public about risks associated with investing in the commodity.
Tech investor Michael Eisenberg would like Israel to apply "sure but light" regulation on bitcoin that recognizes it as a currency and not as property, which is how the U.S. classifies it.
to read more: bloomberg.com
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